Soybeans Drop Early in Tuesday Trading Amid Mixed Market Signals

Soybeans opened with declines of 9 to 11 cents on Tuesday, even as Monday’s close showed modest gains of 2.5 to 5.75 cents. Open interest rose by 4,738 contracts, and the national average cash price edged up 6.75 cents to $10.66 per bushel. Soymeal futures advanced 70 cents to $1, while soy oil futures largely slipped 14 to 44 points, with July contracts gaining 9 points. Crude oil fell $3.72 after the weekend’s U.S.–Iran diplomatic breakthrough.

The latest Crop Progress report from NASS indicates that 95% of the U.S. soybean crop had been planted by June 7, a 2‑percent increase over the normal pace, and 88% had emerged, advancing 6 percentage points ahead of schedule. Condition ratings improved 1% to 66% good/excellent, pushing the Brugler500 index up to 368.

According to the USDA’s NOPA report, soybean crushing in May totaled 208.785 million bushels, below trade expectations and near the low end of forecasts. This represented an 8.27% increase from the previous year but a 1.45% decrease from April. Soybean oil stocks were recorded at 1.735 billion pounds, underestimates and a 10.9% draw from the prior month.

The Export Inspections data for the week ending June 11 showed soybean shipments of 522,687 metric tons (19.205 million bushels), up 26.8% from the prior week and more than double the same week last year. Major destinations included Egypt at 218,249 MT, China at 136,259 MT, and Mexico at 64,464 MT. Cumulative shipments for the marketing year now stand at 36.693 MMT (1.345 billion bushels), which is 19.5% below the corresponding period last year.

July 26 soybean futures closed at $11.19¼, up 5.75 cents, though they later slipped 10.5 cents. Nearby cash prices rose to $10.66¼, up 6.75 cents. August 26 futures settled at $11.23½, up 4.75 cents, before dropping 10.25 cents, while November 26 contracts ended at $11.34¾, up 2.75 cents, then eased 9.25 cents. New‑crop cash prices were quoted at $10.69¼, up 3 cents.

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